Chinese financial news outlet, CLS, reported that on Thursday, the Chinese Ministry of Public Security and the Chinese police have arrested 27 new members of a Ponzi scheme. The suspects chose Bitcoin for the scam.
In 2019, after the investigation began on the group’s activities, the Chinese Police investigation team tracked down six of the members. The suspects were later extradited from Vanuatu to China.
According to the report, about ¥40 billion, which is approximately $5.7 billion worth of crypto assets, was swindled by the group. This is the first time the Chinese police have cracked down a Bitcoin Ponzi scheme.
The 27 members that were arrested are the leaders operating the Plus Token Ponzi scheme. So far, the group has notoriously scammed over 2 million people.
Despite the difficulties posed by COVID-19, analysts are still optimistic that the price of Bitcoin will rise to surpass its all-time-high (ATH) of $20,000 by the end of 2020. Already, the king coin has broken free from the $10,000 ceiling.
Although Bitcoin is the most popular crypto, hackers are using other assets for several illicit activities. Last week, a major telecom in Argentina got hacked. The hackers demanded $7.5 million in Monero (XMR) for ransom.
Monero is currently the 15th largest crypto by market cap.
Image Credits: Pixabay
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